Westgate Smoky Mountains

How long do you have to cancel your contract.. and when is to late.. is there any other way out of it?

howery said:

How long do you have to cancel your contract.. and when is to late.. is there any other way out of it?

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You usually have 3-5 days after signing the contract - that info. is in your purchase documents.

After that time, your options are very limited:

-Offer the deed back to the timeshare in lieu of foreclosure, and forfeit what you've paid. (This is a long-shot.)

-Allow it to go into foreclosure - eventually Westgate will take it back.

-If it's paid off, give it away.

Unfortunately, it has no significant resale value on the resale market.

wgsm

thanks we will see what happens.. I had called 8 days after we did contract to cancel and they talked me into cheaper payments.. I look at account today and they say I now have a past due bill.. tired of their crap.

Unfortunately since you're past the rescission date, you either have to walk away (with major credit consequences) or enjoy it and learn to use it the most effectively.

Sorry, no good news here.

howery said:

How long do you have to cancel your contract.. and when is to late.. is there any other way out of it?

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Rescission (cancellation) time period is determined by individual state law. Four states allow only 3 days. Florida and Tennessee both allow 10 days. In most other states it's 5-7 days. The specific state in which your contract was executed is not identified above, but the applicable rescission period (and rescission instructions) are required by law to have been provided to you, in writing, at the time and place of your contract execution. Rescission would also have to have been accomplished in writing.

If you are already past the rescission period, you are essentially "SOL", unless Westgate is willing to voluntarily release you from your contract (...which is not likely).
If they are willing to release you, they can (and they surely will) keep all of your original deposit and any and all other money you have paid to them since.

Another way "out", as mentioned by others, is to simply default (stop paying) and accept that foreclosure and negative credit reporting will follow sometime thereafter.

howery said:

I had called 8 days after we did contract to cancel and they talked me into cheaper payments....tired of their crap.

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This is exactly why we TUGgers emphatically state to people who are trying to rescind to not make any phone calls to or take any phone calls from the resort, TS company, or developer when trying to rescind their purchase. The directions given to you for rescission probably clearly stated that rescission requests have to be sent via USPS certified mail and not by phone, fax, e-mail, FedEx, or physically walking into the office.

That being said, others have mentioned what other options you have although they are more expensive and painful than the rescission period you had. The other thing I would caution you against is to watch out for these law firms, Viking Ship companies, transfer companies and cancellation companies. You will probably see many Google ads on travel- and timeshare-related websites or find them in search engines. They make great-sounding promises such as "Cancel your mortgage", "End your TS agreement", "Sue the person and company who fraudulently sold you your TS", etc. They will just take more of your money and probably not solve your problem.